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The Union Cabinet led by Prime Minister Narendra Modi on Wednesday approved minimum support price (MSP) for 14 kharif crops. Announcing the decision, Ministry of Information and Broadcasting Ashwini Vaishnaw said, "Some very important decisions have been taken in today's Cabinet. One very important decision has been taken for the welfare of farmers. Kharif season is starting, and for that, the Cabinet has approved MSP on 14 crops."The government on Wednesday raised MSP for paddy by 5.35 per cent to Rs 2,300 per quintal for the 2024-25 kharif marketing season. The hike in paddy support price comes despite the government sitting on surplus rice stocks, but it is significant ahead of elections in states like Haryana, Maharashtra, Jharkhand, and Delhi. 111118588"The third term of PM Modi is very important as it focuses on continuity with change through many decisions for farmers's welfare," said Vaishnaw.The MSP for 'common' grade paddy has been raised Rs 117 to Rs 2,300 per quintal, while for the 'A' grade variety it has been hiked to Rs 2,320 per quintal for the upcoming kharif season, Vaishnaw told reporters. 111118668The highest absolute increase in MSP over the previous year has been recommended for oilseeds and pulses viz. nigerseed (Rs.983 per quintal) followed by sesamum (Rs.632 per quintal) and tur/arhar (Rs.550 per quintal). 111118618The minister said the government is committed to providing price to farmers at 50 per cent more than the input cost and the decisions were aligned to that objective.After being sworn in as PM for the third time, Prime Minister Narendra Modi signed his first file authorising the release of the 17th instalment of PM Kisan Nidhi reflecting the commitment of the government towards farmer welfare.

Nifty ended Wednesday's session 42 points lower to form a bearish engulfing pattern on the daily chart.Though, Nifty placed at the highs, there is still no confirmation of any significant reversal pattern building at the highs. Further weakness only below 23,300 levels could be considered as a short-term top reversal pattern. Further sustainable upside bounce is likely to negate this negative setup, said Nagaraj Shetti of HDFC Securities.Open Interest (OI) data showed that on the call side, the highest OI was observed at 23,800 and 24,000 strike prices. On the put side, the highest OI was at the 23,000 strike price.What should traders do? Here’s what analysts said:Rupak De, LKP SecuritiesNifty remained range-bound, staying broadly within 23,450 and 23,650. Sentiment continues to favor short-term bullish trades as the index sustained above the 55 exponential moving average (EMA) on the hourly chart. The short-term trend remains strong, and any dips towards the 55-hour EMA, which is currently pegged at 23,340, might get bought into. On the higher end, in the short term, the index might move towards 23,800 and beyond.Shrikant Chouhan, Kotak SecuritiesOn daily charts, it has formed a bearish candle, which indicates temporary weakness from current levels. However, the short-term texture of the market is still on the positive side. We are of the view that 23,450/77,100 would be the crucial support zone for the day traders; below the same, we could see one quick intraday correction till 23,350-23,300/76,800-76,600 . On the flip side, 23,660/77,850 could be the immediate breakout levels for the bulls. Above 23,660/77,850, the market is likely to move up to 23,775-23,800/78,000-78,200. The intraday market texture is non-directional hence level based trading would be the ideal strategy for the day traders.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Australia's Marcus Stoinis on Wednesday toppled Afghanistan's Mohammad Nabi as the number one all-rounder in the latest ICC T20 rankings. Stoinis snared six wickets and also made valuable contribution with the bat to help Australia cruise to the Super Eights in the ongoing T20 World Cup. While Stoinis climbs a spot to become the premier all-rounder, Nabi dropped three places with Sri Lanka skipper Wanindu Hasaranga and Bangladesh veteran Shakib Al Hasan also rising to the second and third spot respectively.110958752 West Indies' bowlers have shone the brightest so far in the tournament and the rankings reflect that. Left-arm spinner Akeal Hosein has moved six places to be second in the bowlers' list led by England spinner Adil Rashid. Alzarri Joseph has also moved up six spaces to 11th, while teammate Gudakesh Motie has surged 16 spots up the rankings into 13th. India's Suryakumar Yadav retained his spot as the top-ranked batter in the shortest format with Phil Salt, Babar Azam and Mohammad Rizwan are static on second third and fourth respectively.110925283 Australian opener Travis Head is up five places to fifth, while West Indies wicketkeeper batter Nicholas Pooran has jumped eight places to 11th. West Indies' Sherfane Rutherford leapfrogged 43 places to 42nd.

Hyundai Motor India Ltd.’s plan for one of India’s largest share sales may further boost valuations for the nation’s already-buzzing automakers.The listing may value the South Korean carmaker’s Indian unit at $25 billion, Bloomberg News reported previously. That would make it the nation’s fourth biggest automaker by market value, a milestone analysts say bodes well for the nation’s auto sector. Hyundai’s share sale “will lift the valuation for the sector as it’s a big IPO and boosts the sector’s charm as a play on global sourcing from India,” said Deven Choksey, managing director at DRChoksey FinServ Pvt. The implied valuation for the IPO, based on the the company’s latest annualized profit, works to about 25 times earnings, said Devi Subhakesan, an analyst on Smartkarma. That’s similar to market leader Maruti Suzuki India Ltd.’s one-year forward estimated earnings. Tata Motors Ltd., the owner of Jaguar Land Rover, trades at nearly 15 times, leaving room for expansion. 111113143Local auto stocks have already added $70 billion in market value so far this year, rising nearly 40% — over four times the advance in the country’s equity benchmark. The rally is being fueled by rising demand for new vehicles in the world’s fastest-growing major economy. “One more global player in India market means higher allocation and larger funds getting attracted to the Indian auto sector,” said Choksey.Hyundai’s guidance on electric vehicles has added to the optimism about the industry’s sales outlook. The share of EVs in India is expected to swell about nine-fold to as much as 20% by 2029, according to the IPO filing. Both Mahindra & Mahindra and Tata Motors, among the oldest players in the sector, are also focusing on EVs.Consumers are “looking for lifestyle upgrade, which means there’s going to be a persistent demand for products that meet this expectation,” said Abhishek Banerjee, founder and chief executive officer of Lotusdew Wealth and Investment Advisors. Demand for electric vehicles and hybrids will continue to drive shares higher, he said.